Monthly Update: April 2024 NAV Performance

7 May 2024

Third Point Investors Limited

Monthly Update: April 2024 NAV Performance

April 2024 Performance Highlights

• Third Point Investors Limited returned -3.5% on a NAV basis in April 2024, compared with a
  -3.7% return for the MSCI World Index and a -4.1% return for the S&P 500 Index.
• During the month the Company’s share price returned -1.5%, reflecting a narrowing in the discount to NAV from 18.0% to 16.3%.
• The top contributors for the month included ABS Interest Rate Hedges, internet and technology company Alphabet Inc, and energy company Vistra Corp.
• The top detractors for the month included media and internet company Meta Platforms Inc, consumer goods company Bath & Body Works Inc., and infrastructure software company Microsoft Corp.

Full portfolio detail is available at https://www.thirdpointlimited.com/resources/portfolio-updates

Net Performance

	MTD	QTD	YTD
Third Point Investors Ltd. (NAV)1	-3.5%	-3.5%	4.8%
Third Point Investors Ltd. (Price)2	-1.5%	-1.5%	14.4%
MSCI World Index (Total Return)	-3.7%	-3.7%	5.0%
S&P 500 (Total Return)	-4.1%	-4.1%	6.0%

Key Statistics and AUM Summary

Premium/(Discount) to NAV	(16.3%)
Third Point Investors Ltd. Net AUM3	$0.6 B

Portfolio Detail4

The net weightings of the strategy at period-end were 77.3% in Equity, 41.7% in Credit, 7.4% in Privates and 0.0% in Other. A breakdown of positions, including major contributors and detractors, is provided below. For further detail please visit: https://www.thirdpointlimited.com/resources/portfolio-updates.

	EXPOSURE					GROSS MTD P&L5			NET MTD P&L6	GROSS YTD P&L5					NET YTD P&L6
	LONG	SHORT		NET		LONG	SHORT	NET	NET	LONG	SHORT		NET		NET
Equity	113.5%		-36.2%		77.3%	-4.6%	1.2%	-3.4%	-3.5%	5.0%		-0.9%		4.1%	3.6%
Credit	42.1%		-0.4%		41.7%	-0.4%	0.4%	0.0%	0.0%	0.1%		1.0%		1.1%	0.9%
Privates	7.4%		0.0%		7.4%	0.0%	0.0%	0.0%	0.0%	-0.1%		0.0%		0.0%	-0.1%
Other7	0.0%		0.0%		0.0%	-0.1%	-0.1%	-0.2%	-0.2%	-0.2%		-0.3%		-0.6%	-0.6%
Total	163.1%		-36.6%		126.5%	-5.1%	1.5%	-3.6%	-3.7%	4.8%		-0.1%		4.6%	3.8%

Portfolio Detail

MTD Contributors8

ABS Interest Rate Hedges

Alphabet Inc (internet and technology company)

Vistra Corp (energy company)

Short

Pacific Gas and Electric Co. (utility company)

MTD Detractors8

Meta Platforms Inc (media and internet company)

Bath & Body Works Inc. (consumer goods company)

Microsoft Corp (infrastructure software company)

Advance Auto Parts Inc (automotive aftermarket parts company)

UBS Group AG (financials company)

YTD Contributors8

Vistra Corp (energy company)

Amazon.com Inc. (e-commerce company)

ABS Interest Rate Hedges

Meta Platforms Inc (media and internet company)

Alphabet Inc (internet and technology company)

YTD Detractors8

Pacific Gas and Electric Co. (utility company)

DuPont de Nemours Inc (industrials and materials company)

Short

Humana Inc. (health insurance company)

UBS Group AG (financials company)

Top Gross Equity Longs8

Pacific Gas and Electric Co. (utility company)

Amazon.com Inc. (e-commerce company)

Microsoft Corp (infrastructure software company)

Bath & Body Works Inc. (consumer goods company)

Meta Platforms Inc (media and internet company)

Top Gross Corporate Credit Longs8,9

Radiate Holdco LLC (cable company)

Community Health Systems Inc. (healthcare company)

Frontier Communications Holdings (telecommunications company)

LABL Acquisition Corp (industrials and materials company)

Michaels Cos Inc/The (consumer goods company)

Press Enquiries

Buchanan PR
Charles Ryland [e-mail] Tel: [phone] Henry Wilson [e-mail] Tel: [phone] Notes to Editors About Third Point Investors Limited www.thirdpointlimited.com Third Point Investors Limited (LSE: TPOU) was listed on the London Stock Exchange in 2007 and is a feeder fund that invests in the Third Point Offshore Fund (the Master Fund), offering investors a unique opportunity to gain direct exposure to founder Daniel S. Loeb’s investment strategy. The Master Fund employs an event-driven, opportunistic strategy to invest globally across the capital structure and in diversified asset classes to optimize risk-reward through a market cycle. TPIL’s portfolio is 100% aligned with the Master Fund, which is Third Point’s largest investment strategy. TPIL’s assets under management are currently $600 million. About Third Point LLC Third Point LLC is an institutional investment manager that actively engages with companies across their lifecycle, using dynamic asset allocation and an ethos of continuous learning to drive long-term shareholder return. Led by Daniel S. Loeb since its inception in 1995, the Firm has a 43-person investment team, a robust quantitative data and analytics team, and a deep, tenured business team. Third Point manages approximately $10.7 billion10 in assets for sovereign wealth funds, endowments, foundations, corporate & public pensions, high-net-worth individuals, and employees. Footnotes 1 Reflects the NAV return of Third Point Investors Limited inclusive of gearing the Company introduced in 2021 and chose to discontinue as of June 2023. 2 Reflects the total share price return of Third Point Investors Limited. 3 The net AUM figure for Third Point Investors Limited is included in the AUM of Third Point Offshore Fund, Ltd. In addition to its invested assets, Third Point Investors Limited has a redemption receivable from the Master Fund due to the pending 2024 Redemption Offer. The impact of the 2024 Redemption Offer will be reflected in Net AUM for the May 2024 report. 4 The sum of long and short exposure percentages and the sum of gross long and short MTD and YTD P&L percentages may not visually add to the corresponding net figure due to rounding. Subtotals of long, short, and/or net exposure percentages and MTD and YTD P&L percentages may not visually match the corresponding subtotal in another section of the report due to rounding. 5 Gross P&L attribution does not reflect the deduction of management fees, incentive allocations and any other expenses which may be incurred in the management of the fund.  An investor’s actual return will be reduced by such fees and expenses.  See Part 2A of the Adviser's Form ADV for a complete description of the management fees and incentive allocations customarily charged by Adviser. 6 The net P&L figures are included because of the SEC’s new marketing rule and guidance. Third Point does not believe that this metric accurately reflects net P&L for the referenced sub-portfolio group of investments as explained more fully below. Specifically, net P&L attribution reflects the allocation of the highest management fee (2% per annum), in addition to leverage factor multiple, if applicable, and incentive allocation rate (20%), and an assumed operating expense ratio (0.3%), to the aggregate underlying positions in the referenced sub-portfolio group’s gross P&L. The management fees and operating expenses are allocated for the period proportionately based on the average gross exposure of the aggregate underlying positions of the referenced sub-portfolio group. The implied incentive allocation is based on the deduction of management fee and expense ratio from the Fund level gross P&L attribution for the period. The incentive allocation is accrued for each period to only those positions within the referenced sub-portfolio group with i) positive P&L and, ii) if during the current MTD period there is an incentive allocation. In MTD periods where there is a reversal of previously accrued incentive allocation, the impact of the reversal will be based on the previous month’s YTD accrued incentive allocation. The assume operating expense ratio noted herein is applied uniformly across all underlying positions in the referenced sub-portfolio group given the inherent difficulty in determining and allocating the expenses on a sub-portfolio group basis. If expenses were to be allocated on a sub-portfolio group basis, the net P&L would likely be different for each referenced sub-portfolio group, as applicable. 7 Includes broad-based market and equity-based hedges. 8 Excludes any confidential positions, portfolio level equity hedges and EU MAR related positions. 9 Does not include private debt. 10 Includes all funds and separately managed accounts managed by Third Point and its affiliates and participation notes issued by the applicable Third Point-managed funds relating to legacy private investments. Important Notes and Disclaimers Third Point Investors Limited (the “Company”) is a feeder fund listed on the London Stock Exchange that invests substantially all of its assets in Third Point Offshore Fund, Ltd (“Third Point Offshore”).  Third Point Offshore is managed by Third Point LLC (“Third Point” or “Investment Manager”), an SEC-registered investment adviser headquartered in New York. Unless otherwise stated, information relates to the Third Point Offshore Master Fund L.P. (the "Fund") inclusive of legacy private investments. Exposures are categorized in a manner consistent with the Investment Manager's classifications for portfolio and risk management purposes in its sole discretion. Performance results include the performance of legacy private investments and are presented net of management fees, brokerage commissions, administrative expenses, and accrued incentive allocation, if any, and include the reinvestment of all dividends, interest, and capital gains. While incentive allocations are accrued monthly, they are deducted from investor balances only annually or upon withdrawal. From Fund inception through December 31, 2019, Third Point Offshore Fund, Ltd.'s historical performance has been calculated using the actual management fees, incentive allocations, and expenses paid by the Fund. The actual management fees and incentive allocations paid by the Fund reflect a blended rate of management fees and incentive allocations based on the weighted average of amounts invested in different share classes subject to different management fee and/or incentive allocation terms. Such management fee rates have ranged over time from 1.25% to 3% per annum. The amount of incentive allocations applicable to any one investor in the Fund will vary materially depending on numerous factors, including without limitation: the specific terms, the date of initial investment, the duration of investment, the date of withdrawal, and market conditions.  As such, the net performance shown for the Fund from inception through December 31, 2019 is not an estimate of any specific investor’s actual performance. During this period, had the highest management fee and incentive allocation been applied solely, performance results would likely be lower. For the period beginning January 1, 2020, the Fund’s historical performance shows indicative performance for a new issues eligible investor in the highest management fee (2% per annum) and incentive allocation rate (20%) class of the Fund, who has participated in all side pocket private investments (as applicable) from March 1, 2021 onward. Net performance reflects the deduction of operating expenses paid by the Fund during the period. An individual investor’s performance may vary based on timing of capital transactions. The inception date for Third Point Offshore Fund, Ltd. is December 1, 1996. All performance results are estimates and past performance is not necessarily indicative of future results. All information provided herein is for informational purposes only and should not be deemed as a recommendation to buy or sell securities. All investments involve risk including the loss of principal. This transmission is confidential and may not be redistributed without the express written consent of Third Point LLC and does not constitute an offer to sell or the solicitation of an offer to purchase any security or investment product. Any such offer or solicitation may only be made by means of delivery of an approved confidential offering memorandum. The Funds’ performance information shown within includes net gains and losses from “new issues.” The market price for new issues is often subject to significant fluctuation, and investors who are eligible to participate in new issues may experience significant gains or losses. An investor who invests in a class of Interests that does not participate in new issues may experience performance that is different, perhaps materially, from the performance reflected above. All performance results are estimates and should not be regarded as final until audited financial statements are issued. While the performance of the Fund has been compared here with the performance of well-known and widely recognized indices, whose performance reflects the investment of dividends, the indices have not been selected to represent an appropriate benchmark for the Fund whose holdings, performance and volatility may differ significantly from the securities that comprise the indices. Historical net performance for Third Point Offshore Fund, Ltd. is available upon request. Past performance is not necessarily indicative of future results. All information provided herein is for informational purposes only and should not be deemed as a recommendation, offer or solicitation to buy or sell securities including those of the Company in the United States or in any other jurisdiction, nor shall it, or the fact of its distribution, form the basis of, or be relied upon, in connection with any contract therefor. All investments involve risk including the loss of principal. This transmission is confidential and may not be redistributed without the express written consent of Third Point LLC and does not constitute an offer to sell or the solicitation of an offer to purchase any security or investment product. Any such offer or solicitation may only be made by means of delivery of an approved confidential offering memorandum. The Company has not been and will not be registered under the US Investment Company Act of 1940, as amended (the “Investment Company Act”). In addition, the shares in the Company have not been and will not be registered under the US Securities Act of 1933, as amended (the “Securities Act”). Consequently, shares in the Company may not be offered, sold or otherwise transferred within the United States or to, or for the account or benefit of, US Persons (as defined in the Securities Act). No public offering of any shares in the Company is being, or has been, made in the United States. Information provided herein, or otherwise provided with respect to a potential investment in the Funds, may constitute non-public information regarding Third Point Investors Limited, a feeder fund listed on the London Stock Exchange, and accordingly dealing or trading in the shares of the listed instrument on the basis of such information may violate securities laws in the United Kingdom, United States and elsewhere.

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